Current outcome
SoFi has announced SoFi Earn (SOFIE), an interest-bearing tokenized deposit at 4.4% APY, FDIC-insured within applicable limits, with full rollout to crypto members expected in November; SOFIE is convertible 1:1 into SoFiUSD, which itself is not an FDIC-insured deposit.
Progress timeline
2 material updates- #01
⚡️SoFi推出计息代币化存款SoFi Earn
SoFi launched SoFi Earn (SOFIE), an interest-bearing tokenized deposit paying 4.4% APY and FDIC-insured within applicable limits, convertible 1:1 into the SoFiUSD stablecoin, marking the first direct retail tokenized-deposit offering by a US national bank.
Source evidence: theblockbeats
- #02
【SoFi 将推出计息代币化存款产品 SoFi Earn，支持将存款转换为 SoFiUSD】
The report clarifies that SoFi Earn was announced with full rollout expected in November, rather than fully launched; it adds that SOFIE can be converted 1:1 into SoFiUSD for crypto purchases or external wallet transfers, and that SoFiUSD itself is not FDIC-insured.
State after update: SoFi has announced SoFi Earn (SOFIE), an interest-bearing tokenized deposit at 4.4% APY, FDIC-insured within applicable limits, with full rollout to crypto members expected in November; SOFIE is convertible 1:1 into SoFiUSD, which itself is not an FDIC-insured deposit.
Source evidence: foresightnews